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April 28, 2014Is it a buyer's market or a seller's market?
When we have more than a six-month supply of homes, it's a buyer's market.
If we have a five-month supply or less, then it's a seller's market. So technically, based on current inventory levels, it is a seller's market.
But really, the market is a little funky right now.
The market has improved greatly over the past year. Comparing the first quarter of this year to Q1 of 2013, the median sales price has gone up 14 percent in Forsyth County. Not too shabby to say the least, but sales are flat. Flat is better, I guess, than being down 10 percent for the same period like North Fulton. But it begs the question – why aren't we seeing more sales, especially with low inventory?
Buyers don't seem to be pressed into pulling the trigger on properties like they were last year at this time. Last year was really the first time we started to see greatly reduced inventory and multiple offers. Buyers rushed to get what they could because we hadn't been in this position for years.
Now, with prices up an average of 14 percent in Forsyth County and 12 percent in North Fulton, I think buyers are being very critical of what they are paying for and, in many cases, opting to continue the search rather than settle. Sellers are, understandably, pushing the upper limits on asking prices. But if they push top asking prices without offering top condition, buyers are indicating that they will keep on looking.
Bob Strader is a local realtor with the NORTH Group of Keller Williams Realty. Visit his blogs liveincumming.com or liveinalpharetta.com or email him: firstname.lastname@example.org.